A6 Using the Work of Others

Question 1

Internal Audit Function

Answer 1

Using the work of the internal audit function requires the auditor to evaluate objectivity and competence of the internal audit function. Internal audit function involves evaluating & improving the effectiveness of risk mgmt, control & governance processes.

Question 2

IT Auditors

Answer 2

They assess controls within an entity’s IT infrastructure for effectiveness, design, implementation.

Question 3

Auditor Specialist

Answer 3

Auditor Specialist is an individual or org that has expertise in a field other than accounting or auditing (valuation, legal, actuarial etc.)

Question 4

Component Auditor

Answer 4

Audits one or more components of a group financial statement. A component could be a division, subsidiary, or joint venture.

Question 5

Independent Auditor

Answer 5

Solely responsible for reporting on the FS and may not share responsibility involving judgements (including risk assessment of inherent & control risk, issuing report, audit decisions, etc. )